WS #6064

The dominant narrative remains the Iran crisis, with oil prices continuing to rise (Brent +2.8% to $101.89) amid no de-escalation. A new development: Iran's foreign minister is in Russia for talks, and Axios reports Iran has proposed reopening the Strait of Hormuz, but the foreign minister also blamed the US for failed talks. This mixed signal keeps oil elevated. Separately, China blocked Meta's $2B acquisition of AI startup Manus, citing national security, which could impact META and broader US-China tech tensions. In corporate news, Eli Lilly announced acquisition of Ajax Therapeutics for up to $2.3B, positive for LLY. Domino's Pizza fell after same-store sales miss. OpenAI is reportedly developing an AI smartphone with Qualcomm and MediaTek, targeting 2028, which could affect AAPL and QCOM. The EU announced its largest Russia sanctions package, including a total ban on Russian crypto providers, which may impact crypto markets and related stocks.